Intercontinental Exchange 8-K
PositiveEarningsGuidance
Exchange trading drives record Q3; MarketAxess closing now expected in Q1 2027 after DOJ and FTC end the HSR waiting period
Filed 2026-10-29 07:30 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with Q4 and FY2026 guidance, plus an updated MarketAxess closing timeline. ICE reported its best third quarter, with growth across its exchange, fixed-income and data services, and mortgage technology businesses. After the DOJ and FTC ended the HSR waiting period on 10/21/2026, ICE said it expects the MarketAxess acquisition to close in Q1 2027, ahead of its first-half 2027 timeline announced in July; remaining customary closing conditions and other required regulatory approvals remain.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Net revenues, less transaction-based expenses | $2.77B, +15% Y/Y | $8.41B, +13% Y/Y |
| Operating income, GAAP | $1.41B, +20% Y/Y | $4.47B, +21% Y/Y |
| Operating income, non-GAAP adjusted | $1.70B, +19% Y/Y | $5.27B, +17% Y/Y |
| Net income attributable to ICE, GAAP | $940M, +15% Y/Y | $3.31B, +34% Y/Y |
| Net income attributable to ICE, non-GAAP adjusted | $1.14B, +16% Y/Y | $3.55B, +18% Y/Y |
| Diluted EPS, GAAP | $1.67, +18% Y/Y | $5.85, +37% Y/Y |
| Diluted EPS, non-GAAP adjusted | $2.02, +18% Y/Y | $6.27, +20% Y/Y |
| Operating cash flow | — | $4.49B, +32% Y/Y |
| Free cash flow | — | $3.82B, +34% Y/Y |
| Free cash flow, non-GAAP adjusted | — | $3.73B, +17% Y/Y |
- Segment net revenues: exchanges $1.54B (+22% Y/Y), fixed income and data services $674M (+9%), and mortgage technology $549M (+4%). Within exchanges, energy revenue rose 25%, ags and metals 62%, and financials 37%; across ICE, transaction revenues grew 23% while recurring revenues grew 7%.
- Through 9/30/2026, ICE returned $2.5B to stockholders, including $1.6B of share repurchases and $884M in dividends. Q3 diluted weighted-average shares were 563M vs 574M a year earlier. At quarter-end, unrestricted cash was $936M and outstanding debt was $23.3B.
Against earlier guidance (derived from earlier filings)
| Metric | Period | Earlier guidance | Actual | Result |
|---|---|---|---|---|
| Weighted-average shares outstanding | Q3 2026 | 560M-566M | 563M | in line |
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Exchange recurring revenue growth | FY2026 | 9% | — | — |
| Fixed income and data services recurring revenue growth | FY2026 | 8% | — | — |
| Operating expenses, GAAP | Q4 2026 | $1.317B-$1.327B | — | — |
| Operating expenses, non-GAAP | Q4 2026 | $1.082B-$1.092B | — | — |
| Non-operating expense, GAAP | Q4 2026 | $170M-$180M | — | — |
| Non-operating expense, non-GAAP | Q4 2026 | $175M-$185M | — | — |
| Capital expenditures | FY2026 | ≈$1.05B | — | — |
| Weighted-average shares outstanding | Q4 2026 | 558M-563M | — | — |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Fixed income and data services recurring revenue growth | FY2026 | 7%-8% | 8% | narrowed (raised low end) |
| Capital expenditures | FY2026 | ≈$850M | ≈$1.05B | raised |
Investor Takeaways
- Watch whether exchange and fixed income and data services recurring revenue growth tracks the FY2026 guidance of 9% and 8%, respectively.
- Watch Q4 operating expenses against the GAAP and non-GAAP ranges as ICE converts its strong revenue growth into operating income.
- Watch whether the MarketAxess acquisition closes in Q1 2027, as ICE now expects.
The summary is written by an AI model reading the filing.
Model 005 · prompt v111 · 2026-10-29 14:35:57Z